21st Mortgage Deed In Lieu Application, Forms And Packages

21st Mortgage Deed in Lieu of Foreclosure Request For Mortgage Assistance (RMA)

Application Form or Request For Mortgage Assistance is necessary when you want to apply for a deed in lieu of foreclosure doing a Deed In Lieu. It is recommended to complete correctly in order to start the first step towards getting to deed your home back to the beneficiary. Recent paperwork is always preferred. It is a good start if check experts like us (ACG) or even your 21st Mortgage single point of contact because not only does 21st Mortgage have their own package which may change at any time but their investor might require specific documentation as well. Finding the right professional is crucial as a very few professional can deal with 21st Mortgage and their deed in lieu of foreclosure process so because you should be able to avoid many of the foreseeable pitfalls that come with the application of deed in lieu process. That’s why we put the latest paperwork we could find online to help us. Helping you through the process is what we do. We offer a done for you service. Click here and fill out the form to request a call from a deed in lieu professional or call 888-934-3444.

21stMortgage Deed in Lieu of Foreclosure Hardship Letter

21st Mortgage has a hardship affidavit (or statement) built into their mortgage assistance application (21st Mortgage RMA),

Deed In Lieu of Foreclosure Definition

It is a foreclosure alternative that allows the homeowner to walk away from their property and give it back to their lender either because they don’t want to go through the hassle of selling the home or because they have tried and have not been able to do so.

Submitting Your Deed In Lieu Package to 21st Mortgage To Get The Process Going.

What is in the 21st Mortgage Assistance Package?

21st Mortgage, require pretty much the same documentation as any other lender. In many cases they will require a listing agreement to see you’ve attempted to sell the home for more than 90 days and that’s only the beginning.

At some time they, they require you to provide your financial information such as a monthly budget, your tax returns for the last two years along with a 4506t to show the returns were actually filed, pay stubs or proof of income like a profit and loss, bank statements, reason for requiring to do a deed in lieu, and a hardship letter.

Getting The Correct Value Goes A Long Way.

For a  deed in lieu process to be completed with your servicer (21st Mortgage), you must know how much your home is worth and that is by completing a valuation of the property. The value in most cases is completed by a real estate agent or appraiser who reviews the comparables in the area to establish what the home is worth. In a valuation process properties that had sold and are on sale, both are reviewed.  Generally, they want to see the homes that have sold within the last 3 to 6 months but this depends on the volume of homes actively moving in your local market. They consider your homes perceived condition, the size of the living space,  how many stories it has, the size of the lot and whether or not it has a pool.

They will also consider market conditions and how fast homes are selling in the area. There are many factors they take into consideration which is why they hire a local professional rather than go online and use something like Zillow or Redfin.

Deed In Lieu Appraisal Values

Mortgages have different investors. 21st Mortgage is responsible for representing the correct values to those investors so they can make their final decisions. 21st Mortgage loan’s beneficiary will bear the loss in most cases they will hire a local agent or broker to do a value referred to as a BPO or Broker’s Price Opinion because it’s cheaper than an appraisal and it does not always work though. In some cases, a licensed appraiser is required for a deeper review and one that is often certified by that investor to complete values as per their guidelines. Real Estate Appraisers are licensed specifically to value homes whereas agents can give their opinions (hence Broker’s Price Opinion) but that can almost always be over turned by an appraisal. Some investors such as Fannie Mae (FNMA) complete two appraisals. The type of value completed varies from servicer to servicer and investor to investor.

Fighting Values, Disputing Them and Requesting Variances

A value may return too high or too low and it can happen to a beginner or a true professional regardlessly. One reason could be that they are not from the area and compare properties that don’t have anything in common with the subject property it does not matter how much you may try to meet with the BPO Agent or the Appraiser.  At this time you can provide a competing appraisal or set of comparables but choosing the right properties to compare is a skill set on its own. Call us today at 888-934-3444 and we’d happy to discuss any hold ups you may be experiencing in your Deed in Lieu.

21st Mortgage’s Deed In Lieu of Foreclosure Time Line Coming To An End.

Once the value has returned and they have a complete package this is where 21st Mortgage’s Deed In Lieu negotiator or underwriter makes the decision if you meet the minimum criteria to be submitted to management or the investor for approval. They will not submit anything they don’t feel will get approved by management and the investor because they get graded on their results. Often there are many layers before getting approved. An auditing process happens before the submission to management and if approved there is often another auditing process the occurs before an approval letter is issued to you the homeowner or the professional (such as our company) that is representing you.

21st Mortgage Final Decision on the Deed In Lieu of Foreclosure

At that time21st Mortgage may issue a decline to your deed in lieu request. Often there are three main parts that play role in approval. The move out date, condition and what amount if any is allowed to go to you for relocation costs, and what is going to happen to the deficiency after the deed in lieu. The laws in different states may vary on whether or not they have the right to pursue you.  Dealing with issues takes a special set of skills that can only be gained through experience. Anyone can get the easy ones done but it’s the difficult transactions that separate that experts from the trainees.

How quickly will I need to move out of my home?

The lender will want you to deliver the home in good condition. Usually, 30 days will be given to moving out but that can often be negotiated. Sometimes a relocation money is offered depending on how quickly you vacate the property. Deed in lieu is like closing a typical real estate transaction. Once all the terms of the deed in lieu have been approved by lien holders and any mortgage servicers you can move forward grant deeding the property back to whomever you are instructed to deed it over to. By now a title search has probably been run by your lender as they will not want to take back possession of the property unless there are no longer any liens.

21st Mortgage Issues Deed in lieu Extension

Sometimes people can not leave home at the time and the approval letter expires. In such cases, it really depends on many factors including but not limited to the delinquency of the mortgage, whether the value they have on file for your home has expired, and various other hurdles. It is good to consult an expert for extension or to see if you will have to start the process all over again. 21st Mortgage’s Management will be one of the challenges ahead of you. Results may vary greatly but the best part of our services is we only get paid if the transaction successfully closes! Call us today for more information about our “Done For You” services. Call 888-934-3444 or email us at [email protected]